Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract]

Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited - in millions)

For the Three Months Ended September 30, 2019	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,916.8		$	126.4		$	(26.6	)	$	2,016.6
Costs of revenue, excluding depreciation and amortization	—			1,609.2			108.0			(26.6		)	1,690.6
Depreciation and amortization	—			51.8			3.4			—			55.2
General and administrative expenses	0.8			72.2			4.1			—			77.1
Interest expense (income), net	—			35.4			(16.1		)	—			19.3
Equity in earnings of unconsolidated affiliates	—			—			(7.0		)	—			(7.0		)
Other expense (income), net	—			8.6			(0.6		)	—			8.0
(Loss) income before income taxes	$	(0.8	)	$	139.6		$	34.6		$	—		$	173.4
Benefit from (provision for) income taxes	0.2			(39.1		)	(4.4		)	—			(43.3		)
Net (loss) income before equity in income from subsidiaries	$	(0.6	)	$	100.5		$	30.2		$	—		$	130.1
Equity in income from subsidiaries, net of tax	129.2			—			—			(129.2		)	—
Net income (loss)	$	128.6		$	100.5		$	30.2		$	(129.2	)	$	130.1
Net income attributable to non-controlling interests	—			—			1.5			—			1.5
Net income (loss) attributable to MasTec, Inc.	$	128.6		$	100.5		$	28.7		$	(129.2	)	$	128.6
Comprehensive income (loss)	$	121.2		$	100.5		$	22.7		$	(121.7	)	$	122.6

For the Three Months Ended September 30, 2018	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,894.5		$	102.3		$	(19.6	)	$	1,977.2
Costs of revenue, excluding depreciation and amortization	—			1,603.0			98.0			(19.6		)	1,681.4
Depreciation and amortization	—			49.7			5.2			—			54.9
General and administrative expenses	0.7			73.2			6.4			—			80.3
Interest expense (income), net	—			38.7			(16.4		)	—			22.3
Equity in earnings of unconsolidated affiliates	—			—			(7.7		)	—			(7.7		)
Other expense (income), net	—			2.1			(1.8		)	—			0.3
(Loss) income before income taxes	$	(0.7	)	$	127.8		$	18.6		$	—		$	145.6
Benefit from (provision for) income taxes	0.2			(35.9		)	10.6			—			(25.1		)
Net (loss) income before equity in income from subsidiaries	$	(0.5	)	$	91.9		$	29.2		$	—		$	120.5
Equity in income from subsidiaries, net of tax	121.2			—			—			(121.2		)	—
Net income (loss)	$	120.7		$	91.9		$	29.2		$	(121.2	)	$	120.5
Net loss attributable to non-controlling interests	—			—			(0.1		)	—			(0.1		)
Net income (loss) attributable to MasTec, Inc.	$	120.7		$	91.9		$	29.3		$	(121.2	)	$	120.7
Comprehensive income (loss)	$	124.9		$	91.9		$	33.6		$	(125.5	)	$	124.9

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited - in millions)

For the Nine Months Ended September 30, 2019	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	5,164.0		$	388.9		$	(78.9	)	$	5,474.0
Costs of revenue, excluding depreciation and amortization	—			4,354.7			360.2			(78.9		)	4,636.0
Depreciation and amortization	—			161.7			12.5			—			174.2
General and administrative expenses	2.3			205.6			12.7			—			220.6
Interest expense (income), net	—			105.6			(47.4		)	—			58.2
Equity in losses (earnings) of unconsolidated affiliates	—			0.1			(19.9		)	—			(19.8		)
Other expense (income), net	—			53.9			(37.6		)	—			16.3
(Loss) income before income taxes	$	(2.3	)	$	282.4		$	108.4		$	—		$	388.5
Benefit from (provision for) income taxes	0.7			(90.1		)	(5.7		)	—			(95.1		)
Net (loss) income before equity in income from subsidiaries	$	(1.6	)	$	192.3		$	102.7		$	—		$	293.4
Equity in income from subsidiaries, net of tax	293.0			—			—			(293.0		)	—
Net income (loss)	$	291.4		$	192.3		$	102.7		$	(293.0	)	$	293.4
Net income attributable to non-controlling interests	—			—			2.0			—			2.0
Net income (loss) attributable to MasTec, Inc.	$	291.4		$	192.3		$	100.7		$	(293.0	)	$	291.4
Comprehensive income (loss)	$	269.8		$	192.3		$	81.1		$	(271.4	)	$	271.8

For the Nine Months Ended September 30, 2018	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	4,717.0		$	372.0		$	(97.1	)	$	4,991.9
Costs of revenue, excluding depreciation and amortization	—			4,048.2			334.2			(97.1		)	4,285.3
Depreciation and amortization	—			139.2			17.3			—			156.5
General and administrative expenses	2.3			195.6			13.6			—			211.5
Interest expense (income), net	—			108.7			(48.5		)	—			60.2
Equity in earnings of unconsolidated affiliates	—			—			(19.1		)	—			(19.1		)
Other expense (income), net	—			0.8			(2.8		)	—			(2.0		)
(Loss) income before income taxes	$	(2.3	)	$	224.5		$	77.3		$	—		$	299.4
Benefit from (provision for) income taxes	0.6			(60.9		)	(11.7		)	—			(72.0		)
Net (loss) income before equity in income from subsidiaries	$	(1.7	)	$	163.6		$	65.6		$	—		$	227.4
Equity in income from subsidiaries, net of tax	229.4			—			—			(229.4		)	—
Net income (loss)	$	227.7		$	163.6		$	65.6		$	(229.4	)	$	227.4
Net loss attributable to non-controlling interests	—			—			(0.3		)	—			(0.3		)
Net income (loss) attributable to MasTec, Inc.	$	227.7		$	163.6		$	65.9		$	(229.4	)	$	227.7
Comprehensive income (loss)	$	240.6		$	163.6		$	78.3		$	(242.2	)	$	240.3

Condensed Unaudited Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited - in millions)

As of September 30, 2019	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	2,036.8	$	266.5	$	(104.6	)	$	2,198.7
Property and equipment, net	—		821.7		41.2		—			862.9
Operating lease assets	—		216.9		16.5		—			233.4
Goodwill and other intangible assets, net	—		1,244.5		81.3		—			1,325.8
Investments in and advances to consolidated affiliates, net	1,656.2		1,118.9		843.0		(3,618.1		)	—
Other long-term assets	18.4		39.2		180.2		—			237.8
Total assets	$	1,674.6	$	5,478.0	$	1,428.7	$	(3,722.7	)	$	4,858.7
Liabilities and equity
Total current liabilities	$	—	$	1,319.2	$	119.9	$	(104.6	)	$	1,334.5
Long-term debt, including finance leases	—		1,217.6		3.5		—			1,221.1
Long-term operating lease liabilities	—		146.8		12.5		—			159.3
Other long-term liabilities	—		454.6		9.8		—			464.4
Total liabilities	$	—	$	3,138.2	$	145.7	$	(104.6	)	$	3,179.3
Total equity	$	1,674.6	$	2,339.8	$	1,283.0	$	(3,618.1	)	$	1,679.3
Total liabilities and equity	$	1,674.6	$	5,478.0	$	1,428.7	$	(3,722.7	)	$	4,858.7

As of December 31, 2018	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,993.0	$	248.5	$	(72.5	)	$	2,169.0
Property and equipment, net	—		699.2		48.6		—			747.8
Goodwill and other intangible assets, net	—		1,188.0		81.7		—			1,269.7
Investments in and advances to consolidated affiliates, net	1,373.1		1,138.4		816.9		(3,328.4		)	—
Other long-term assets	16.8		42.0		194.6		—			253.4
Total assets	$	1,389.9	$	5,060.6	$	1,390.3	$	(3,400.9	)	$	4,440.0
Liabilities and equity
Total current liabilities	$	—	$	1,185.9	$	170.2	$	(72.5	)	$	1,283.6
Long-term debt, including finance leases	—		1,319.4		4.9		—			1,324.2
Other long-term liabilities	—		429.2		10.8		—			440.1
Total liabilities	$	—	$	2,934.5	$	185.9	$	(72.5	)	$	3,047.9
Total equity	$	1,389.9	$	2,126.1	$	1,204.4	$	(3,328.4	)	$	1,392.0
Total liabilities and equity	$	1,389.9	$	5,060.6	$	1,390.3	$	(3,400.9	)	$	4,440.0

Condensed Unaudited Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions)

For the Nine Months Ended September 30, 2019	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by operating activities	$	—		$	416.5		$	24.9		$	—	$	441.4
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			(94.6		)	—			—		(94.6		)
Capital expenditures	—			(81.5		)	(3.6		)	—		(85.1		)
Proceeds from sale of property and equipment	—			17.5			9.6			—		27.1
Payments for other investments	—			(4.3		)	(1.3		)	—		(5.6		)
Proceeds from other investments	—			10.8			3.9			—		14.7
Net cash (used in) provided by investing activities	$	—		$	(152.1	)	$	8.6		$	—	$	(143.5	)
Cash flows from financing activities:
Proceeds from credit facilities	—			2,175.7			10.0			—		2,185.7
Repayments of credit facilities	—			(2,362.0		)	(10.0		)	—		(2,372.0		)
Repayments of other borrowings, net	—			(0.3		)	—			—		(0.3		)
Payments of finance lease obligations	—			(57.5		)	(1.5		)	—		(59.0		)
Payments of acquisition-related contingent consideration	—			(29.3		)	—			—		(29.3		)
Proceeds from non-controlling interests	—			—			0.6			—		0.6
Repurchases of common stock	(5.7		)	—			—			—		(5.7		)
Proceeds from stock-based awards, net	3.4			—			—			—		3.4
Other financing activities, net	—			(5.5		)	—			—		(5.5		)
Net financing activities and advances from (to) consolidated affiliates	2.3			21.4			(23.7		)	—		—
Net cash used in financing activities	$	—		$	(257.5	)	$	(24.6	)	$	—	$	(282.0	)
Effect of currency translation on cash	—			—			(0.2		)	—		(0.2		)
Net increase in cash and cash equivalents	$	—		$	6.9		$	8.7		$	—	$	15.7
Cash and cash equivalents - beginning of period	$	—		$	11.9		$	15.6		$	—	$	27.4
Cash and cash equivalents - end of period	$	—		$	18.8		$	24.3		$	—	$	43.1

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions)

For the Nine Months Ended September 30, 2018	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities	$	—		$	(105.3	)	$	132.1		$	—	$	26.8
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			(6.7		)	—			—		(6.7		)
Capital expenditures	—			(130.1		)	(4.1		)	—		(134.2		)
Proceeds from sale of property and equipment	—			20.2			9.5			—		29.7
Payments for other investments	—			(11.8		)	(24.5		)	—		(36.3		)
Proceeds from other investments	—			—			5.4			—		5.4
Net cash used in investing activities	$	—		$	(128.4	)	$	(13.7	)	$	—	$	(142.1	)
Cash flows from financing activities:
Proceeds from credit facilities	—			2,396.7			25.9			—		2,422.6
Repayments of credit facilities	—			(1,971.2		)	(26.2		)	—		(1,997.4		)
Repayments of other borrowings, net	—			(15.5		)	(0.4		)	—		(15.8		)
Payments of finance lease obligations	—			(49.8		)	(4.7		)	—		(54.6		)
Payments of acquisition-related contingent consideration	—			(15.9		)	—			—		(15.9		)
Repurchases of common stock	(198.4		)	—			—			—		(198.4		)
Distributions to non-controlling interests	—			(0.6		)	—			—		(0.6		)
Proceeds from stock-based awards, net	3.1			—			—			—		3.1
Net financing activities and advances from (to) consolidated affiliates	195.3			(71.5		)	(123.8		)	—		—
Net cash provided by (used in) financing activities	$	—		$	272.2		$	(129.2	)	$	—	$	142.9
Effect of currency translation on cash	—			—			0.6			—		0.6
Net increase (decrease) in cash and cash equivalents	$	—		$	38.5		$	(10.2	)	$	—	$	28.2
Cash and cash equivalents - beginning of period	$	—		$	10.0		$	30.3		$	—	$	40.3
Cash and cash equivalents - end of period	$	—		$	48.5		$	20.1		$	—	$	68.5